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Scolos NarbarsonRJ shared: "So no BoE and no banks."There could still be banks...Savings Banks...that charge a fee for providing a safe place and management to save one's earnings."And say the Govt printed a £100 note and gave it to you."This could be part of a comprehensive "National Earned Guaranteed Income".RJ ...

2 days ago

RJQE. Lets be clear about the reason for QE. Banks are paid interest on excess reserves. So £500 billion of QE = 500 billion of additional excess reserves held by the banks = a nice interest earner. At present the interest rates (on excess reserves) is 0.5%? but they will almost certainly increase as...

2 days ago

Crash"But as soon as tax comes into play it does have to be paid back at some point even if in total it increases. So it's debt not equity that at some point will (or most likely will) be returned to the Govt as a tax settlement."I would have to disagree here. In an equity based currency system the tax o...

2 days ago
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Blaise HesselgrenHi Johhny - yup, the parrallels struck me as well though being no expert I don't know how to figure out whether the notion has any legs or implications - if you manage to draw a picture from it do let me know! all best, Blaise...

5 days ago

Johnny DenisBasic Income or Citizens Income is paid as a universal benefit right by the state.http://citizensincome.org/ And so there are parallels. Which is interesting and I#'d not thought about before and now have to go away and see how those dots join up, or don't, or what picture they make once drawn......

6 days ago

James MurrayBlaise,You have me foxed I'm afraid.As far as I know, 'People's QE' is a means whereby the Gov't creates sovereign money and then shoves it into an investment bank so that loans from it are directed towards sectors which mesh with Gov't policies.Guaranteed Basic Income is paid by the employers and n...

6 days ago
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Canada and New Zealand performed a form of QE for people (A History of QE for People, Part 8)

QE for people Canada

Throughout history, governments have used their ability to create money to fund public spending. State-led money creation has been the norm, rather than the exception.  While none of these policies were called, “People’s QE”, “Sovereign Money Creation”, Strategic QE, or “Helicopter Money”, they shared the common trait of using newly created state money to finance government spending, rather than relying on commercial banks to create new money through lending.

James MurrayFrank,Your past examples of successful SMC is most impressive.They would be easier to use if the list of these successful examples over the last century were brought together - all with live links to the PM blog pages where you introduced them.Then, they could be firmly set against the Weimar and Zi...

6 days ago

James MurrayHi Frank,It is extremely heartening to those of us who support PM and its proposals to have your many historical examples of fiat money to evidence how successfully the PM proposals on SMC have worked in the past - there is nothing new under the sun...I was a bit puzzled, however, by the above two e...

1 weeks ago

marcel tjoengThe UK has performed "a form of QE for people" after WWI and into WWII. Russia's paper moneys during the tsar and tsarina's were (broadly speaking and technically) "a form of QE for people".The greenbacks of Lincoln are "a form of QE for people". The list is endless really. The QE of Draghi technica...

2 weeks ago
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